Video News/In Focus with Jeremy Szafron

Tavi Costa, Founder and CEO of Azuria Capital, says the current phase of the artificial intelligence buildout is adding to inflationary pressure by intensifying demand for power, infrastructure, and raw materials. Speaking with Kitco News Senior Anchor Jeremy Szafron, Costa said the market is underestimating the physical constraints behind AI, particularly as global debt rises and strategic metal supplies tighten. Costa argued that gold’s growing role in central bank reserves reflects declining confidence in the Treasury market, while copper and silver are entering new phases of repricing as supply struggles to respond to higher prices. He said the “byproduct trap” is limiting new production and helping drive consolidation across the mining sector, with major producers increasingly choosing acquisitions over new builds. Costa also discussed jurisdictional risk, emerging markets, Argentina’s reform outlook, and what could challenge the commodity thesis.